Agnico-Eagle Mines Limited (AEM.TO) and Grayd Resource Corporation (GYD.V) announced that 91,228,900 common shares of Grayd, representing approximately 94.77% of the outstanding Shares on a fully-diluted basis, have been validly deposited pursuant to the offer made by Agnico-Eagle to acquire all of the issued and outstanding Shares. All conditions of the Offer have been satisfied and the Offer has now expired and will not be extended. Agnico-Eagle has taken up all deposited Shares and will pay for such deposited Shares not later than November 23, 2011.

As the Offer was accepted by holders of more than 90% of the issued and outstanding Shares, Agnico-Eagle intends to exercise its rights under the compulsory acquisition provisions in Section 300 of the Business Corporations Act (British Columbia) to acquire all of the outstanding Shares that it does not currently own. Agnico-Eagle expects to mail a notice of compulsory acquisition to all remaining holders of Shares shortly.

Upon completion of the compulsory acquisition, Agnico-Eagle intends to take the necessary steps to delist the Shares from the TSX Venture Exchange and to have Grayd cease to be a reporting issuer under Canadian securities laws.

Grayd intends to apply to the British Columbia Securities Commission to request an exemption from certain continuous disclosure obligations pending the completion of the compulsory acquisition, including the requirement to prepare, file and mail to Grayd shareholders Grayd’s annual and interim financial statements and related materials.